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SOUTH AFRICAN QUALIFICATIONS AUTHORITY 
REGISTERED UNIT STANDARD: 

Apply knowledge and understanding of South African law to the management of risk 
SAQA US ID UNIT STANDARD TITLE
242661  Apply knowledge and understanding of South African law to the management of risk 
ORIGINATOR
SGB Insurance and Investment 
PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY
-  
FIELD SUBFIELD
Field 03 - Business, Commerce and Management Studies Finance, Economics and Accounting 
ABET BAND UNIT STANDARD TYPE PRE-2009 NQF LEVEL NQF LEVEL CREDITS
Undefined  Regular  Level 4  NQF Level 04 
REGISTRATION STATUS REGISTRATION START DATE REGISTRATION END DATE SAQA DECISION NUMBER
Reregistered  2018-07-01  2023-06-30  SAQA 06120/18 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2024-06-30   2027-06-30  

In all of the tables in this document, both the pre-2009 NQF Level and the NQF Level is shown. In the text (purpose statements, qualification rules, etc), any references to NQF Levels are to the pre-2009 levels unless specifically stated otherwise.  

This unit standard replaces: 
US ID Unit Standard Title Pre-2009 NQF Level NQF Level Credits Replacement Status
15007  Demonstrate knowledge and understanding of South African law and the regulation of risk management  Level 4  NQF Level 04  Complete 

PURPOSE OF THE UNIT STANDARD 
This Unit Standard is intended for learners who are involved in or who give advice on the management of risk. It will be useful for Risk Management Generalists, Loss Adjusters, Medical Scheme Product Developers, Disease and Case Managers, Surveyors, and Underwriters and other learners in Short Term insurance.

The qualifying learner is capable of:
  • Identifying legislation that potentially impacts on the management of risk.
  • Explaining the risks associated with non-compliance.
  • Demonstrating understanding of selected legal terminology.
  • Applying legislation and codes of good practice to the management of risk in a specific entity. 

  • LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
    It is assumed that learners are competent in Communication and Mathematical Literacy at Level 3. 

    UNIT STANDARD RANGE 
    The typical scope of this Unit Standard is legislation relevant to a sector:
  • General legislation includes, but is not limited to, Occupation Health and Safety Act (OHSA), the South African Constitution, Mines Health and Safety Act, Mines and Works Act, Explosives Act, Environmental related legislation and Compensation for Occupational Injuries and Diseases Act (COIDA).
  • Financial legislation includes, but is not limited to, Income Tax Act, Capital Gains Tax (CGT), Value Added Tax (VAT), Trusts, Public Funds, Companies Act.
  • People regulating legislation includes, but is not limited to Labour Relations Act (LRA), Basic Conditions of Employment Act 9BCOE), Skills Development Act, Skills Development Levies Act, Employment Equity (EE) Act, Access to information Act.
  • Sector application of legislation includes, but is not limited to Financial Advisory and Intermediary Services Act (FAIS) Prevention of Organised Crime Act (POCA), Financial Intelligence Centre Act (FICA), Protection of Constitutional Democracy against Terrorist and Related Activities Act 2004 (POCDATARA), Short Term Insurance Act, Long Term Insurance Act, Medical Schemes Act, Financial Securities Act, Pension Funds Act, Electricity Act, Medicines and Related Substances Control Act.
  • Legal liability includes, but is not limited to, vicarious liability, negligence, delict, personal liability, public liability and professional indemnity.
  • The commonly accepted code of good practice refers to King II as at March 2006 and whatever subsequent code replaces King II thereafter. 

  • Specific Outcomes and Assessment Criteria: 

    SPECIFIC OUTCOME 1 
    Identify legislation that potentially impacts on the management of risk. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    Legislation that impacts on the management of risk in general is identified with examples of how each Act applies to a specific sector. 

    ASSESSMENT CRITERION 2 
    Relevant legislation that regulates financial aspects of risk management is identified and an indication is given of how the legislation is applied in a selected sector. 

    ASSESSMENT CRITERION 3 
    Legislation that regulates people management is identified and an indication is given of how the legislation is applied in a selected sector. 

    SPECIFIC OUTCOME 2 
    Explain the risks associated with non-compliance. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The compliance aspects of appropriate Acts are analysed and an indication is given of the legal consequences of non-compliance for a specific sector. 

    ASSESSMENT CRITERION 2 
    The business risks and reputational risks associated with non-compliance are analysed for legislation appropriate to a selected sector. 

    SPECIFIC OUTCOME 3 
    Demonstrate understanding of selected legal terminology. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The concept of legal liability is explained with examples. 

    ASSESSMENT CRITERION 2 
    The concept of contractual liability is explained with examples. 

    ASSESSMENT CRITERION 3 
    The common law concept of defamation is discussed with reference to reputational risk. 

    SPECIFIC OUTCOME 4 
    Apply legislation and accepted codes of good practice to the management of risk in a specific entity. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    Knowledge of the commonly accepted code of good practice is applied to a selected organisation with reference to the allocation of responsibilities to individuals. 

    ASSESSMENT CRITERION 2 
    Policies, practices and systems in an organisation are evaluated for compliance and recommendations are made to reduce or transfer the risk. 


    UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS 
  • Anyone assessing a candidate against this Unit Standard must be registered as an assessor with the relevant ETQA or ETQA where a Memorandum of Understanding (MOU) exists with the relevant ETQA.
  • Any institution offering learning that will enable achievement of this Unit Standard must be accredited as a provider through the relevant ETQA or ETQA where a Memorandum of Understanding (MOU) exists with the relevant ETQA.
  • Moderation of assessment will be overseen by the relevant ETQA according to the moderation guidelines and the agreed ETQA procedures. 

  • UNIT STANDARD ESSENTIAL EMBEDDED KNOWLEDGE 
    N/A 

    UNIT STANDARD DEVELOPMENTAL OUTCOME 
    N/A 

    UNIT STANDARD LINKAGES 
    N/A 


    Critical Cross-field Outcomes (CCFO): 

    UNIT STANDARD CCFO IDENTIFYING 
    Learners are capable of identifying and solving problems in which responses show that responsible decisions using critical and creative thinking have been made in evaluating policies and practices for compliance and recommending ways of reducing or transferring the risk. 

    UNIT STANDARD CCFO COLLECTING 
    Learners are capable of collecting, organising and critically evaluating information in evaluating the policies and practices of an organisation for compliance. 

    UNIT STANDARD CCFO COMMUNICATING 
    Learners are capable of communicating effectively in using legal terminology in the correct context. 

    UNIT STANDARD CCFO DEMONSTRATING 
    Learners are capable of seeing the world as a set of related systems in analysing business and reputational risk associated with non-compliance. 

    UNIT STANDARD ASSESSOR CRITERIA 
    N/A 

    REREGISTRATION HISTORY 
    As per the SAQA Board decision/s at that time, this unit standard was Reregistered in 2012; 2015. 

    UNIT STANDARD NOTES 
    This unit standard replaces unit standard 15007, "Demonstrate knowledge and understanding of South African law and the regulation of risk management", level 4, 4 credits.

    Search words: legislation, risk management. 

    QUALIFICATIONS UTILISING THIS UNIT STANDARD: 
      ID QUALIFICATION TITLE PRE-2009 NQF LEVEL NQF LEVEL STATUS END DATE PRIMARY OR DELEGATED QA FUNCTIONARY
    Core  57613   Further Education and Training Certificate: Short-Term Risk Management  Level 4  NQF Level 04  Passed the End Date -
    Status was "Reregistered" 
    2012-06-30  INSETA 


    PROVIDERS CURRENTLY ACCREDITED TO OFFER THIS UNIT STANDARD: 
    This information shows the current accreditations (i.e. those not past their accreditation end dates), and is the most complete record available to SAQA as of today. Some Primary or Delegated Quality Assurance Functionaries have a lag in their recording systems for provider accreditation, in turn leading to a lag in notifying SAQA of all the providers that they have accredited to offer qualifications and unit standards, as well as any extensions to accreditation end dates. The relevant Primary or Delegated Quality Assurance Functionary should be notified if a record appears to be missing from here.
     
    NONE 



    All qualifications and part qualifications registered on the National Qualifications Framework are public property. Thus the only payment that can be made for them is for service and reproduction. It is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source.